IREN Ltd ( $IREN )

IREN Limited, formerly Iris Energy, is rapidly transforming itself from a cyclical Bitcoin miner into a vertically integrated AI infrastructure provider, combining long-duration power contracts, hyperscale data centres and multi-year GPU cloud deals with blue-chip counterparties. The next phase of the story is all about execution: how fast the company can switch its asset base to AI, how stable those cloud revenues become and how it balances growth ambitions with leverage and dilution.

AtaiBeckley Inc. ( $ATAI ) Building a late-stage psychedelics platform Updated March & 2025

AtaiBeckley is no longer just “another psychedelics stock”: after the combination between atai Life Sciences and Beckley Psytech, the company now controls one of the most advanced late-stage pipelines focused on interventional psychiatry for treatment-resistant depression (TRD) and social anxiety disorder (SAD). The three flagship assets — BPL-003, VLS-01 and EMP-01 — are all in Phase 2 or entering Phase 3 planning, which puts AtaiBeckley structurally ahead of most early-stage psychedelics peers still working through small, single-site trials.

BigBear.ai Holdings Inc ( $BBAI )

BigBear.ai is trying to turn years of work in defense intelligence, mission planning and logistics optimization into a scalable AI platform story, boosted by large capital raises and the acquisition of generative-AI partner Ask Sage. Revenues are meaningful and the cash cushion is large, but the path from contract wins to durable, profitable growth remains complex and execution-dependent.

SKYX Platforms Corp ( $SKYX ) Smart Ceiling Plugs

SKYX Platforms is trying to turn a seemingly boring standard – the ceiling light socket – into a plug-and-play infrastructure layer for lighting and smart-home devices, backed by dozens of patents, distribution partnerships and collaborations with larger technology players. Revenue growth is strong and the product vision is ambitious, but the business is still loss-making and depends on external capital, disciplined execution and a long time horizon.

Americas Gold and Silver Corp ( $USAS ) Record production and the 2026 Inflection

Americas Gold and Silver Corporation (NYSE American: USAS / TSX: USA) is a Toronto-based junior silver producer with three active mining assets in the United States and Mexico. After years of restructuring, the company has entered a genuine inflection phase: FY2025 silver production reached a record 2.65 million ounces (+52% YoY), the Q3 FY2025 adjusted EBITDA turned positive for the first time, and analyst consensus revenue forecasts for FY2026 have been revised up by +265% to $383 million.

Mannkind Corp ( $MNKD ) after the Tresmi shock

A first full-scope look at MannKind after Q4 2025 results and United Therapeutics’ new soft-mist treprostinil product (“Tresmi”), with focus on revenue mix, 2026 catalysts, balance sheet, insider and institutional positioning, analyst expectations and retail sentiment around the latest 35–40% drawdown.

BlackSky Technology Inc ( $BKSY )

Q4 2025 delivered record quarterly revenue and a sharply narrower net loss, while management doubled down on Gen-3 very-high-resolution satellites and real-time AI analytics. At the same time, the new $100 million at-the-market equity program changed the risk-reward for equity holders. This report puts the latest numbers, the 2026 guidance and the capital structure into context, with a focus on how BKSY fits into the broader “Golden Dome” and space-defence narrative we follow at Merlintrader.

Novavax ( $NVAX ) Q4 2025 and the Matrix-M platform

Q4 2025 finally shows what the long Novavax story on Merlintrader was pointing to: revenue above 1.1 billion dollars for the year, a clean return to GAAP profitability in the quarter, and a 2026–2028 roadmap where Sanofi, Pfizer and other partners, not Novavax alone, carry most of the execution risk around Matrix-M.

Biocryst Pharmaceuticals Inc ( $BCRX )Feb26 2026

FY 2025 marks an inflection point for BioCryst. After years of heavy investment to launch ORLADEYO, the company has finally delivered a clearly profitable year: total revenue reached roughly 875M USD in 2025, versus ~451M USD in 2024, and the P&L flipped from a small operating loss to more than 340M USD of operating profit. The key driver was ORLADEYO net revenue of about 602M USD, up nearly 40% year on year, supported by strong new-patient growth in the U.S. and a better-than-guided performance overall.

Teva- Pharmaceutical Industries ( $TEVA ) Feb26 2026

As of late February 2026, Teva combines a still-massive generics footprint with a focused innovative portfolio in CNS and immunology. After a lost decade of litigation, write-downs and restructuring, the company is now delivering mid-single-digit top-line growth, expanding non-GAAP margins and generating roughly $2.4B of free cash flow per year while steadily reducing debt.

Eton Pharmaceuticals Inc ( $ETON) Feb25 FDA OK

The U.S. Food and Drug Administration has approved DESMODA (desmopressin acetate) oral solution for the treatment of central diabetes insipidus, also known as arginine vasopressin deficiency (AVP-D), in adults and pediatric patients. This is the first and only FDA-approved ready-to-use oral solution of desmopressin, a meaningful upgrade in day-to-day management of this rare water-balance disorder.